Yahoo! Inc. (NASDAQ: YHOO), Waters Corporation (NYSE: WAT), Avista (NYSE: AVA), Bank of Hawaii (NYSE: BOH), Cooper Industries PLC (NYSE: CBE) and CSX (NYSE: CSX) ratings and price targets.
Waters Corporation (WAT) had its “Neutral” rating reiterated by Citigroup (NYSE:C). They have a price target of $83.00 on the company.
Yahoo! Inc. (YHOO) had its “Overweight” rating reiterated by Piper Jaffray (NYSE:PJC).
Avista (AVA) had its “Neutral” rating reiterated by DA Davidson. They have a price target of $26.50 on the company.
Bank of Hawaii (BOH) had its “Neutral” rating reiterated by DA Davidson. They have a price target of $48.00 on the company.
Cooper Industries PLC (CBE) had its “Neutral” rating reiterated by Goldman Sachs (NYSE:GS).
CSX (CSX) had its “Overweight” rating reiterated by JPMorgan Chase & Co. (NYSE:JPM).
Showing posts with label JPMorgan. Show all posts
Showing posts with label JPMorgan. Show all posts
Wednesday, January 25, 2012
Wednesday, June 1, 2011
Ratings on (AER) (AMAG) (APC) (BEN) (BIG) Upgraded
Aercap Holdings N.V. (NYSE: AER), AMAG Pharmaceuticals, Inc. (NASDAQ: AMAG), Anadarko Petroleum (NYSE: APC), Franklin Resources, Inc. (NYSE: BEN) and Big Lots, Inc. (NYSE: BIG) were upgraded by analysts.
JPMorgan Chase & Co. (NYSE:JPM) upgraded Aercap Holdings N.V. (AER) from a “neutral” rating to an “overweight” rating.
Robert W. Baird upgraded AMAG Pharmaceuticals, Inc. (AMAG) from a “neutral” rating to an “outperform” rating. They have a price target of $22.00 on the company, up from $19.00.
Wells Fargo & Co. (NYSE:WFC) upgraded Anadarko Petroleum (APC) from a “market perform” rating to an “outperform” rating.
Bank of America (NYSE:BAC) upgraded Franklin Resources, Inc. (BEN) from a “neutral” rating to a “buy” rating. They have a price target of $156.00 on the company.
ThinkEquity analysts upgraded shares of Big Lots, Inc. (NYSE: BIG) from a “hold” rating to a “buy” rating. They now have a $38.00 price target on the company.
JPMorgan Chase & Co. (NYSE:JPM) upgraded Aercap Holdings N.V. (AER) from a “neutral” rating to an “overweight” rating.
Robert W. Baird upgraded AMAG Pharmaceuticals, Inc. (AMAG) from a “neutral” rating to an “outperform” rating. They have a price target of $22.00 on the company, up from $19.00.
Wells Fargo & Co. (NYSE:WFC) upgraded Anadarko Petroleum (APC) from a “market perform” rating to an “outperform” rating.
Bank of America (NYSE:BAC) upgraded Franklin Resources, Inc. (BEN) from a “neutral” rating to a “buy” rating. They have a price target of $156.00 on the company.
ThinkEquity analysts upgraded shares of Big Lots, Inc. (NYSE: BIG) from a “hold” rating to a “buy” rating. They now have a $38.00 price target on the company.
Tuesday, May 24, 2011
CF (CF) Gets Fertilized by JPMorgan (JPM)
CF Industries Holdings Inc (NYSE: CF) got some rating fertilizer from JPMorgan (NYSE:JPM) and shares in the company soared.
JPMorgan upgraded CF from a "Neutral" rating to an "Overweight" rating, placing a price target of $170 on the fertilizer company.
The overall sector received a boost, which also helped CF, as Citibank (NYSE:C) said they see the industry being able to successfully raise fertilizer prices, which will also help CF competitors Potash Corp. (NYSE:POT), Agrium (NYSE:AGU) and Mosaic (NYSE:MOS).
For CF specifically, JPMorgan said the positive outlook for the agriculture sector and the healthy cash flow of CF is the catalyst behind their upgrade.
Higher crop prices should stimulate the fertilizer sector and open farmers' wallets without too much trepidation.
CF Industries closed Monday at $147.75, soaring $8.69, or 6.25 percent.
JPMorgan upgraded CF from a "Neutral" rating to an "Overweight" rating, placing a price target of $170 on the fertilizer company.
The overall sector received a boost, which also helped CF, as Citibank (NYSE:C) said they see the industry being able to successfully raise fertilizer prices, which will also help CF competitors Potash Corp. (NYSE:POT), Agrium (NYSE:AGU) and Mosaic (NYSE:MOS).
For CF specifically, JPMorgan said the positive outlook for the agriculture sector and the healthy cash flow of CF is the catalyst behind their upgrade.
Higher crop prices should stimulate the fertilizer sector and open farmers' wallets without too much trepidation.
CF Industries closed Monday at $147.75, soaring $8.69, or 6.25 percent.
Monday, November 22, 2010
JPMorgan (NYSE:JPM) Upgrades Potash (NYSE:POT) on Corn Prices
A number of upgrades and price targets were raised in the agricultural sector today, as the idea corn prices at $5 a bushel is sustainable remains the consensus at this time. JPMorgan (NYSE:JPM) upgraded Potash (NYSE:POT) as a result, from "Neutral" to "Overweight."
Potash has continued to hold its share price, even after the failed bid of BHP Billiton (NYSE:BHP) for them.
Coverage on Potash was restricted by JPMorgan on them after the announcement BHP was no longer pursuing the company.
Potash was trading at $140.46, gaining $0.21, or 0.15 percent at 12:24 PM EST. JPMorgan raised their price target on the company from $109 to $155.
Potash has continued to hold its share price, even after the failed bid of BHP Billiton (NYSE:BHP) for them.
Coverage on Potash was restricted by JPMorgan on them after the announcement BHP was no longer pursuing the company.
Potash was trading at $140.46, gaining $0.21, or 0.15 percent at 12:24 PM EST. JPMorgan raised their price target on the company from $109 to $155.
Thursday, November 4, 2010
Transocean (NYSE:RIG) Facing Near-Term Challenges
JPMorgan (NYSE:JPM) and Wedbush maintained their ratings on Transocean (NYSE:RIG), but both see in the near term that they have challenges which will weigh on the stock.
"We believe this discount is warranted given 1) the medium-term view for lower offshore dayrates across all asset class, 2) costs will likely rise with greater safety requirements and more frequent maintenance, and 3) that liability from the Macondo incident remains highly uncertain," said JPMorgan.
Wedbush said, "Despite significant upside to our target price, we are maintaining our HOLD rating on RIG as overhang from current GOM offshore drilling moratorium persists. With a premium fleet, strong secular growth in deepwater and primarily oil leverage, we would expect RIG to rise in absolute terms. Given the defensive nature of its backlog in what has become a market increasingly seeking a return to risk, however, we would not expect RIG to outperform more operationally leveraged jackup names in the near-term."
JPMorgan maintained an "Underweight" on Transocean, while Wedbush kept a "Hold" on them.
Transocean closed Wednesday at $63.96, gaining $0.36, or 0.57 percent. Wedbush has a hefty price target of $97 on the shares of the company, JPMorgan is far below that at $55 a share.
"We believe this discount is warranted given 1) the medium-term view for lower offshore dayrates across all asset class, 2) costs will likely rise with greater safety requirements and more frequent maintenance, and 3) that liability from the Macondo incident remains highly uncertain," said JPMorgan.
Wedbush said, "Despite significant upside to our target price, we are maintaining our HOLD rating on RIG as overhang from current GOM offshore drilling moratorium persists. With a premium fleet, strong secular growth in deepwater and primarily oil leverage, we would expect RIG to rise in absolute terms. Given the defensive nature of its backlog in what has become a market increasingly seeking a return to risk, however, we would not expect RIG to outperform more operationally leveraged jackup names in the near-term."
JPMorgan maintained an "Underweight" on Transocean, while Wedbush kept a "Hold" on them.
Transocean closed Wednesday at $63.96, gaining $0.36, or 0.57 percent. Wedbush has a hefty price target of $97 on the shares of the company, JPMorgan is far below that at $55 a share.
Thursday, October 28, 2010
JPMorgan (NYSE:JPM) and HSBC (NYSE:HBC) Sued Again Over Alleged Manipulation of Silver Prices
The ongoing allegations against HSBC Holdings Plc (NYSE:HBC) and JPMorgan Chase & Co. (NYSE:JPM) were boosted, as another lawsuit was filed against the two companies in reference to accusations they manipulated silver futures and options prices for financial gain.
What vehicle was allegedly used to attain the price manipulation was what is called "spoof" orders.
How they work is a financial institution submits "a large order which is not executed but influences prices and is then withdrawn before it reasonably can be executed."
The first complaint against the two banks, filed by investor, Peter Laskaris, said this, "These price changes directly result, at least in one substantial part, from defendants' reduction in their concentration and other reductions of their unlawful activities in the silver markets since the government investigation."
The second suit was filed on Wednesday, October 27, basically making the same allegations of the original lawsuit.
Filed on behalf of Brian Beatty, claims the two banks attempted to game the system by taking huge short positions in silver futures contracts in order to hold prices down.
Silver prices have allegedly soared by 50 percent since the banks lowered their trading in silver futures when it became public concerning what they were doing.
What vehicle was allegedly used to attain the price manipulation was what is called "spoof" orders.
How they work is a financial institution submits "a large order which is not executed but influences prices and is then withdrawn before it reasonably can be executed."
The first complaint against the two banks, filed by investor, Peter Laskaris, said this, "These price changes directly result, at least in one substantial part, from defendants' reduction in their concentration and other reductions of their unlawful activities in the silver markets since the government investigation."
The second suit was filed on Wednesday, October 27, basically making the same allegations of the original lawsuit.
Filed on behalf of Brian Beatty, claims the two banks attempted to game the system by taking huge short positions in silver futures contracts in order to hold prices down.
Silver prices have allegedly soared by 50 percent since the banks lowered their trading in silver futures when it became public concerning what they were doing.
Wednesday, October 27, 2010
JPMorgan (NYSE:JPM) Launching Copper Exchange Traded Fund
In documents filed with the SEC, JPMorgan (NYSE:JPM) revealed they're going to launch a physical copper ETF, or exchange traded fund. There was no launch date or ticker named revealed in the filing.
Per the S-1 Registration Statement with the SEC, JPMorgan did reveal the name of the ETF will be J.P. Morgan Physical Copper Trust. Sponsoring the trust will be J.P. Morgan Commodity ETF Services.
The registered amount of shares is 6,180,000, which will include a top offering price of $80.87 a share.
JPMorgan said in the filing, "The shares are designed to mirror as
closely as possible the performance of the price of physical copper..."'
The trust will only take delivery on Physical Copper Grade A as assets. There will be no trading of copper future contracts by the trust. Physical delivery will be taken in the form of LME Copper Cathodes.
Copper will be warehoused by the Henry Bath Group, a JPMorgan wholly owned subsidiary. Countries holding the warehousing the physical copper will include Italy, Germany, the Netherlands, the United States, Malaysia, Singapore, South Korea, Spain, and the United Kingdom.
Some reports say the copper will held in the storage facilities of Henry Bath in the United States.
Per the S-1 Registration Statement with the SEC, JPMorgan did reveal the name of the ETF will be J.P. Morgan Physical Copper Trust. Sponsoring the trust will be J.P. Morgan Commodity ETF Services.
The registered amount of shares is 6,180,000, which will include a top offering price of $80.87 a share.
JPMorgan said in the filing, "The shares are designed to mirror as
closely as possible the performance of the price of physical copper..."'
The trust will only take delivery on Physical Copper Grade A as assets. There will be no trading of copper future contracts by the trust. Physical delivery will be taken in the form of LME Copper Cathodes.
Copper will be warehoused by the Henry Bath Group, a JPMorgan wholly owned subsidiary. Countries holding the warehousing the physical copper will include Italy, Germany, the Netherlands, the United States, Malaysia, Singapore, South Korea, Spain, and the United Kingdom.
Some reports say the copper will held in the storage facilities of Henry Bath in the United States.
Thursday, October 21, 2010
JPMorgan (NYSE:JPM) Managing Russian Ruble Bond Sale
Along with Troika Dialog and OAO Gazprombank, JPMorgan (NYSE:JPM) is helping to manage the largest international markets ruble bond sale in the history of Russia.
The bond issuance could reach to as high as $3 billion, and is hitting the markets at the right time, as investors seek emerging markets investments with higher yields outside of the U.S. dollar, which continues to collapse.
According to Deputy Finance Minister Dmitry Pankin, the sale could come about as early as November 2010.
The problem with the issuance is the ruble itself, which while expected to increase in value, has no benchmark for ruble Eurobonds to be issued off of, so pricing them will be a challenge.
It remains to be seen if the hunger for alternatives for the U.S. dollar will help the issuance of the ruble bonds be successful. The ruble isn't considered that attractive either, but higher yields may overcome that.
The bond issuance could reach to as high as $3 billion, and is hitting the markets at the right time, as investors seek emerging markets investments with higher yields outside of the U.S. dollar, which continues to collapse.
According to Deputy Finance Minister Dmitry Pankin, the sale could come about as early as November 2010.
The problem with the issuance is the ruble itself, which while expected to increase in value, has no benchmark for ruble Eurobonds to be issued off of, so pricing them will be a challenge.
It remains to be seen if the hunger for alternatives for the U.S. dollar will help the issuance of the ruble bonds be successful. The ruble isn't considered that attractive either, but higher yields may overcome that.
Friday, October 15, 2010
JPMorgan (NYSE:JPM) Reiterates "Overweight" Rating on BP (NYSE:BP)
Citing oil demand and resultant higher prices, JPMorgan (NYSE:JPM) said they're maintaining their "Overweight" rating on BP Plc (NYSE:BP).
With the demand for oil surprising many, the higher prices from the demand is good news for BP and others in the industry.
Barclays (NYSE:BCS) also see oil prices rising, with oil companies benefiting from it, and those invested in them.
The IEA Monthly Oil Market report revealed the IEA has upwardly revised their oil demand numbers in the short term by about 110 thousand b/d to 1.73 m b/d.
Shares of BP fell slightly to $41.02, dropping $0.39, or 0.94 percent.
With the demand for oil surprising many, the higher prices from the demand is good news for BP and others in the industry.
Barclays (NYSE:BCS) also see oil prices rising, with oil companies benefiting from it, and those invested in them.
The IEA Monthly Oil Market report revealed the IEA has upwardly revised their oil demand numbers in the short term by about 110 thousand b/d to 1.73 m b/d.
Shares of BP fell slightly to $41.02, dropping $0.39, or 0.94 percent.
Monday, October 11, 2010
Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Credit Suisse (NYSE:CS) Manage PGE Utility Sale
Along with UniCredit SpA, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C) and Credit Suisse Group AG (NYSE:CS) helped coordinate the sale of 10 percent of PGE Utility for the Polish Treasury.
Late Friday on its website the Treasury Ministry confirmed they had sold the stake for $1.4 billion.
The sale was initiated to raise capital to lower the need to borrow and pay down the budget deficit of the country.
Polish law requires the government to maintaina stake of over 50 percent in PGE. That wasn't a problem as they hold 79 percent of the utility at this time.
The Treasury Ministry stated that the sale was oversubscribed, and drew the interest of investors from 22 countries. Investors from Poland acquired over half the shares offered.
Joint bookrunners on the sale were Goldman Sachs (NYSE:GS), PKO Bank Polski SA, Societe Generale SA and KBC Groep NV.
Late Friday on its website the Treasury Ministry confirmed they had sold the stake for $1.4 billion.
The sale was initiated to raise capital to lower the need to borrow and pay down the budget deficit of the country.
Polish law requires the government to maintaina stake of over 50 percent in PGE. That wasn't a problem as they hold 79 percent of the utility at this time.
The Treasury Ministry stated that the sale was oversubscribed, and drew the interest of investors from 22 countries. Investors from Poland acquired over half the shares offered.
Joint bookrunners on the sale were Goldman Sachs (NYSE:GS), PKO Bank Polski SA, Societe Generale SA and KBC Groep NV.
Friday, October 8, 2010
Citigroup (NYSE:C) Maintains "Buy" on Alcoa (NYSE:AA) JPMorgan (NYSE:JPM) Upgrades Them
The response to Alcoa (NYSE:AA) beating street estimates yesterday for the last quarter has resulted in the stock of the company rising almost 7 percent in early trading. Citigroup (NYSE:C) maintained their "Buy" on Alcoa and JPMorgan (NYSE:JPM) raised their rating on the aluminum giant.
Is the market response to Alcoa (NYSE:AA) too positive? It may be.
Earnings were still down 21 percent, and that has largely been ignored as the financial press is gushingly focusing only on the results that suit a positive story.
All that happened was the quarter wasn't as bad as expected for Alcoa.
Aluminum prices in the third quarter were down and the dollar was up, cutting into earnings for them.
Alcoa's estimate for global aluminum demand for 2010 was increased from 12 percent to 123 percent, citing emerging markets as the driver of that, saying “more and more people are moving into the middle class, driving demand in building and construction, transportation and packaging.”
Some believe the discounted share price of Alcoa is justified though, as they have to prove they can get earnings up as the price of aluminum rises. The last several years they haven't been able to do that.
Is the market response to Alcoa (NYSE:AA) too positive? It may be.
Earnings were still down 21 percent, and that has largely been ignored as the financial press is gushingly focusing only on the results that suit a positive story.
All that happened was the quarter wasn't as bad as expected for Alcoa.
Aluminum prices in the third quarter were down and the dollar was up, cutting into earnings for them.
Alcoa's estimate for global aluminum demand for 2010 was increased from 12 percent to 123 percent, citing emerging markets as the driver of that, saying “more and more people are moving into the middle class, driving demand in building and construction, transportation and packaging.”
Some believe the discounted share price of Alcoa is justified though, as they have to prove they can get earnings up as the price of aluminum rises. The last several years they haven't been able to do that.
Thursday, October 7, 2010
Monsanto (NYSE:MON) Price Target Raised by JPMorgan (NYSE:JPM)
Response to the volatility and unpredictability of Monsanto (NYSE:MON) has generated responses from analysts all over the board. The latest is from JPMorgan (NYSE:JPM), who increased their price target on Monsanto from $47 to $49. They maintain a "Neutral" rating on the seed company.
In a report JPMorgan said, "We rate Monsanto Neutral for year-ahead performance. Monsanto's business model for F2011 was built on moving its customer base from its triples to SmartStax at a price premium. The poor yield results for SmartStax in Southern Illinois, if duplicated in the northern Corn Belt, could call the model into question. Moreover, we believe Monsanto has a healthy valuation selling at 9.6x EBITDA and a 17.4x multiple of EPS for F2011E."
There is no doubt in the short term that Monsanto is completely reliant upon the results of their SmartStax corn seed in the northern corn belt. If it is as bad as it was in Illinois, they're going to have difficulty building momentum for some time, even with their strong advantage in other seed varieties.
They also took a blow when their sugar beet seeds were ruled against by a judge, and unless overruled or adjusted, won't be able to be planted next season.
In a report JPMorgan said, "We rate Monsanto Neutral for year-ahead performance. Monsanto's business model for F2011 was built on moving its customer base from its triples to SmartStax at a price premium. The poor yield results for SmartStax in Southern Illinois, if duplicated in the northern Corn Belt, could call the model into question. Moreover, we believe Monsanto has a healthy valuation selling at 9.6x EBITDA and a 17.4x multiple of EPS for F2011E."
There is no doubt in the short term that Monsanto is completely reliant upon the results of their SmartStax corn seed in the northern corn belt. If it is as bad as it was in Illinois, they're going to have difficulty building momentum for some time, even with their strong advantage in other seed varieties.
They also took a blow when their sugar beet seeds were ruled against by a judge, and unless overruled or adjusted, won't be able to be planted next season.
Tuesday, October 5, 2010
Citigroup (NYSE:C), JPMorgan (NYSE:JPM) Hired by Aluminium Bahrain for Share Sale
Citigroup (NYSE:C) and JPMorgan (NYSE:JPM) have been retained by Aluminium Bahrain BSC to manage a sale of its shares on a number of exchanges, both local and international.
The sovereign wealth fund of Bahrain, Bahrain Mumtalakat Holding Co., may sell up to 163 million shares of the company, about 11.5 percent overall. The company has close to 1.42 billion shares outstanding.
Ordinary shares will be listed on the Bahrain exchange while global depository receipts on the London bourse.
J.P. Morgan Securities Ltd. was appointed as sole global coordinator and bookrunner for the proposed sale, while Citigroup Global Markets Ltd. was hired on as co-manager. Regional lead manager will be Gulf International Bank BSC.
The sovereign wealth fund of Bahrain, Bahrain Mumtalakat Holding Co., may sell up to 163 million shares of the company, about 11.5 percent overall. The company has close to 1.42 billion shares outstanding.
Ordinary shares will be listed on the Bahrain exchange while global depository receipts on the London bourse.
J.P. Morgan Securities Ltd. was appointed as sole global coordinator and bookrunner for the proposed sale, while Citigroup Global Markets Ltd. was hired on as co-manager. Regional lead manager will be Gulf International Bank BSC.
Monday, October 4, 2010
Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM) on Quantitative Easing
Bank of America (NYSE:BAC) and JPMorgan (NYSE:JPM) responded in notes to the ongoing nod of the Federal Reserve that it's going to begin quantitative easing again.
Brian Sack, Federal Reserve Bank of New York Executive Vice President, recently said at the 2010 CFA Institute Fixed Income Management Conference, that "In terms of the benefits, balance-sheet expansion appears to push financial conditions in the right direction ... in that it puts downward pressure on longer-term real interest rates and makes broader financial conditions more accommodative."
Sack was referring to the Fed acquiring mortgage-backed securities as part of quantitative easing and their stimulus strategy.
Bank of America and JPMorgan are assuming the comments by Sack, and the Federal Reserve itself, are indicative that quantitative easing will begin soon, probably in November.
They said it'll have a strong impact on the secondary markets.
Sack admitted one of the many risks involved with quantitative easing is it is reasonable to assume that the effects of balance sheet expansion would diminish at some point, especially if yields were to move to extremely low levels."
Brian Sack, Federal Reserve Bank of New York Executive Vice President, recently said at the 2010 CFA Institute Fixed Income Management Conference, that "In terms of the benefits, balance-sheet expansion appears to push financial conditions in the right direction ... in that it puts downward pressure on longer-term real interest rates and makes broader financial conditions more accommodative."
Sack was referring to the Fed acquiring mortgage-backed securities as part of quantitative easing and their stimulus strategy.
Bank of America and JPMorgan are assuming the comments by Sack, and the Federal Reserve itself, are indicative that quantitative easing will begin soon, probably in November.
They said it'll have a strong impact on the secondary markets.
Sack admitted one of the many risks involved with quantitative easing is it is reasonable to assume that the effects of balance sheet expansion would diminish at some point, especially if yields were to move to extremely low levels."
JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC) Downgrade Deere (NYSE:DE)
Deere & Company (NYSE:DE) suffered two downgrades, as JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) believe they're at the top of their valuation, increasing almost 30 percent since the early part of July.
Wells Fargo's Andrew Cases slashed Deere from "Outperform" to "Market Perform," while JP Morgan's Ann Duignan lowered the agricultural manufacturer from "Overweight" to "Neutral."
A drought in Russia and the resultant increase in corn prices and other crops has helped the industry surge to higher levels, including Caterpillar (NYSE:CAT), which has also pushed up close to yearly highs.
Caterpillar is moving up for different reasons, as the mining sector also has prices surging and mining and construction equipment sales have been in higher demand because of it.
In the near term it looks like they'll have a hard time moving much higher, and will probably remain level for a while.
Wells Fargo's Andrew Cases slashed Deere from "Outperform" to "Market Perform," while JP Morgan's Ann Duignan lowered the agricultural manufacturer from "Overweight" to "Neutral."
A drought in Russia and the resultant increase in corn prices and other crops has helped the industry surge to higher levels, including Caterpillar (NYSE:CAT), which has also pushed up close to yearly highs.
Caterpillar is moving up for different reasons, as the mining sector also has prices surging and mining and construction equipment sales have been in higher demand because of it.
In the near term it looks like they'll have a hard time moving much higher, and will probably remain level for a while.
Thursday, September 23, 2010
JPMorgan (NYSE:JPM) Leading Sempra Energy (NYSE:SRE) Share Buyback
Sempra Energy (NYSE:SRE) has enlisted the help of JPMorgan Chase (NYSE:JPM) bank to buy back $500 million in common shares from the market.
The energy company said they'll re-acquire the common shares at a fixed discount based on market averages over the period of the acquisition, which should extend into the first quarter of 2011.
Sempra gained $0.69 a share on Wednesday, closing at $53.60, rising 1.30 percent.
Sempra Energy serves close to 29 million customers around the globe, and engages mostly in the development of energy infrastructure and operation of utilities. They also provide a variety of other products and services related to the energy sector.
The energy company said they'll re-acquire the common shares at a fixed discount based on market averages over the period of the acquisition, which should extend into the first quarter of 2011.
Sempra gained $0.69 a share on Wednesday, closing at $53.60, rising 1.30 percent.
Sempra Energy serves close to 29 million customers around the globe, and engages mostly in the development of energy infrastructure and operation of utilities. They also provide a variety of other products and services related to the energy sector.
Monday, September 20, 2010
BHP (NYSE:BHP) Secures $45 Billion Loan Facility for Potash (NYSE:POT) Bid
BHP Billiton Ltd. (NYSE:BHP) has received the $45 billion in loans they were looking for to reinforce the bid they made for Potash Corp. (NYSE:POT).
In a statement emailed from the underwriters, the loan facility was said to include a "$25 billion 364-day multicurrency term loan with a one-year extension; a $10 billion three-year multicurrency term loan; a $5 billion three-year multicurrency revolving line of credit, and a $5 billion four-year multicurrency revolver."
BHP Billiton spokesman Ruban Yogarajah confirmed the facility is in place, saying along with supporting the Potash transaction, can also be used for general purposes. It replaces an existing revolving credit facility which matures in 2011.
Underwriters for the deal include JPMorgan Chase (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS), Barclays (NYSE:BCS), Banco Santander SA (NYSE:STD) and BNP Paribas.
In a statement emailed from the underwriters, the loan facility was said to include a "$25 billion 364-day multicurrency term loan with a one-year extension; a $10 billion three-year multicurrency term loan; a $5 billion three-year multicurrency revolving line of credit, and a $5 billion four-year multicurrency revolver."
BHP Billiton spokesman Ruban Yogarajah confirmed the facility is in place, saying along with supporting the Potash transaction, can also be used for general purposes. It replaces an existing revolving credit facility which matures in 2011.
Underwriters for the deal include JPMorgan Chase (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS), Barclays (NYSE:BCS), Banco Santander SA (NYSE:STD) and BNP Paribas.
Friday, September 10, 2010
BHP's (NYSE:BHP) Underwriters Attract Over $45 Billion for Potash (NYSE:POT) Bid
Loan underwriters for BHP Billiton Ltd. (NYSE:BHP) successfully wooed investors, as they exceeded the $45 billion the mining giant was looking for to raise in their bid for Potash Corp. (NYSE:POT).
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Included in the underwriting group were Barclays Capital (NYSE:BCS), BNP Paribas SA, JPMorgan Chase & Co. (NYSE:JPM), Royal Bank of Scotland Group Plc (NYSE:RBS) and Banco Santander SA (NYSE:STD), who started marketing the deal on August 18, according to a source who didn't want to be identified.
According to the source, the loan will be signed within a ten day period.
BHP offered $130 a share in the bid for Potash, which the board rejected, calling it “grossly inadequate.”
China is looking for ways to block the sale to prevent BP from developing the type of pricing power some in the iron ore industry enjoy.
That's probably more fear than anything based in reality, as BHP has historically ramped up production and competed on volume and price rather than attempting to increase prices by controlling supply.
Citigroup (NYSE:C), Deutsche Bank (NYSE:DB) Lead First Worldwide Sale of Philippine Peso-denominated Bonds
Citigroup (NYSE:C) and Deutsche Bank (NYSE:DB) coordinated the sale of $1 billion in peso-denominated bonds for the Philippines, the first time it has been done on a global basis.
The Philippine Finance Ministry said the bonds were 4.95 percent notes yielding 5 percent, and are due January 2021.
Treasurer Roberto Tan said, “The Peso Global Bond is expected to enhance the government’s debt investor profile while paving the way for greater participation by offshore investors in the Philippine capital markets.”
The pesos bonds were hot because they are exempt from 20 percent tax on the interest, and Asian investors acquired 37.1 percent of the bond offering; U.S. investors 32.6 percent; and investors from Europe the rest, according to the Philippine government.
Also helping with the issuance were Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), HSBC (NYSE:HBC) and Credit Suisse (NYSE:CS).
The Philippine Finance Ministry said the bonds were 4.95 percent notes yielding 5 percent, and are due January 2021.
Treasurer Roberto Tan said, “The Peso Global Bond is expected to enhance the government’s debt investor profile while paving the way for greater participation by offshore investors in the Philippine capital markets.”
The pesos bonds were hot because they are exempt from 20 percent tax on the interest, and Asian investors acquired 37.1 percent of the bond offering; U.S. investors 32.6 percent; and investors from Europe the rest, according to the Philippine government.
Also helping with the issuance were Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), HSBC (NYSE:HBC) and Credit Suisse (NYSE:CS).
Wednesday, September 1, 2010
JPMorgan (NYSE:JPM) Shutters Proprietary Commodity Trading Unit
JPMorgan (NYSE:JPM) has went a different route than its competitors concerning the rules against retaining a proprietary trading unit, as they announced they're going to close them all down, starting with their commodities trading unit.
Most other banks affected by the so-called Volcker rule, are shuffling things around, calling it a different name, and continuing on with business as usual.
Following up the closure of their commodity unit, JPMorgan will then shut down their fixed-income and equities proprietary trading division.
Proprietary trading is a bank using their own money to make deals, and not their clients'.
Most other banks affected by the so-called Volcker rule, are shuffling things around, calling it a different name, and continuing on with business as usual.
Following up the closure of their commodity unit, JPMorgan will then shut down their fixed-income and equities proprietary trading division.
Proprietary trading is a bank using their own money to make deals, and not their clients'.
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